TCRLA_Public/120117.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A


            Tuesday, January 17, 2012, Vol. 13, No. 012

                            Headlines



A R G E N T I N A

ALTO PALERMO: Fitch Affirms Rating on 2 Sr. Unsec. Notes at Low-B
CRESUD SA: Fitch Affirms US$60-Mil. Sr. Unsecured Notes at 'B'
INVERSIONES Y: Fitch Holds Rating on Senior Unsec. Notes at Low-B
BANCO PINE: Fitch Affirms Rating on US$125-Mil. Securities at 'B'


C A Y M A N   I S L A N D S

ALTERNATIVEFOCUS PERENNIUS: Shareholder Receives Wind-Up Report
BREVAN HOWARD EQUITY: Shareholder Receives Wind-Up Report
BREVAN HOWARD STRATEGIC: Shareholder Receives Wind-Up Report
DISTRESSED FOCUS: Shareholder Receives Wind-Up Report
EUREKA STRATEGIC: Shareholders Receive Wind-Up Report

LHL CARIBBEAN: Shareholder Receives Wind-Up Report
MONTEGO BAY: Shareholder Receives Wind-Up Report
NEVSKY CAPITAL: Shareholders Receive Wind-Up Report
PUSHKIN FUND: Shareholders Receive Wind-Up Report
RLS COMPANY: Shareholder Receives Wind-Up Report

SAPIC-98 REFERENCE: Shareholders Receive Wind-Up Report
SENTINEL REDEMPTION: Shareholder Receives Wind-Up Report
SOLENT DISTRESSED FUND: Shareholders Receive Wind-Up Report
SOLENT DISTRESSED MASTER: Shareholders Receive Wind-Up Report
SST COMMUNICATIONS: Shareholders Receive Wind-Up Report

THAMES RIVER MAINSTAY: Shareholder Receives Wind-Up Report
THAMES RIVER LEGION: Shareholders Receive Wind-Up Report
TREES (CAYMAN): Shareholder Receives Wind-Up Report
TURNSTONE ASIAN: Shareholders Receive Wind-Up Report
TVR HOLDINGS: Shareholder Receives Wind-Up Report

WARRIOR REDEMPTION: Shareholder Receives Wind-Up Report
WARRIOR II REDEMPTION: Shareholder Receives Wind-Up Report


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Senate Approves to RD$1.44BB Bond Issue


J A M A I C A

DIGICEL GROUP: Court Adjourns TBI's Legal Action Against Firm


X X X X X X X X

* Large Companies With Insolvent Balance Sheets


                            - - - - -


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A R G E N T I N A
=================


ALTO PALERMO: Fitch Affirms Rating on 2 Sr. Unsec. Notes at Low-B
-----------------------------------------------------------------
Fitch Ratings has affirmed Alto Palermo S.A.'s (APSA) ratings as
follows:

  -- Foreign currency Issuer Default Rating (IDR) at 'B';

  -- Local currency IDR at 'BB-';

  -- USD120 million senior unsecured notes due in 2017 at
     'B+/RR3';

  -- USD 50 million Argentine peso-linked notes due in 2012 at
     'B+/RR3';

  -- National scale rating at 'AA+(arg)';

  -- National scale senior unsecured notes at 'AA+(arg)';

  -- National equity rating at '1'.

The Rating Outlook is Stable.

The 'RR3' recovery rating reflects good recovery prospects in the
event of default.

APSA's 'BB-' local currency IDR is supported by the company's
strong market position in the Argentine shopping center industry.
While debt at APSA is low in relation to cash flow, Fitch has
linked the credit quality of APSA with its more highly leveraged
parent company, Inversiones y Representaciones S.A. (IRSA).
APSA's local currency IDR is also constrained at 'BB-' due to its
aggressive growth strategy and the high degree of risk associated
with operating in Argentina's real estate industry.  APSA's
foreign currency IDR continues to be constrained at 'B' by the
'B' country ceiling assigned to Argentina by Fitch.

APSA has a strong business position in the Argentine shopping
center industry.  The company operates 13 shopping centers with a
gross leasable space of approximately 308,000 square meters.  The
high quality of these malls and their strategic locations result
in sales per square meter that exceed the market average and
occupancy rates of more than 97%.  APSA's revenues are partially
hedged against consumer inflation as the company receives a
percentage of the sales made by tenants of its malls.  The
company's high operating margins are due to leases that result in
the tenants paying direct expenses and a percentage of the common
expenses.

The company's results are closely correlated with the performance
of the economy, which has proven to be quite volatile.  APSA has
a high degree of concentration in the near term for its lease
agreements, with approximately 38% of lease contracts expiring
before the end of 2012.  While this ratio is high for the
industry, APSA's strong market position allows it to renew
contracts and update leasing terms conveniently.

APSA's leverage is low, and its interest coverage is adequate.
For the last 12 months (LTM) ended Sept. 30, 2011, the company's
total debt-to-EBITDA ratio was 1.0 times (x), while its EBITDA-
to-interest ratio was 8.0x.  As of Sept. 30, 2011, APSA had
USD141 million of total debt, excluding USD32 million of
convertible notes that are expected to fully convert at maturity
given the current stock price.  Only 13% of the company's debt is
short term. The company had USD61 million of cash and marketable
securities, covering short-term debt by 2.8x.

For this industry, the emphasis of Fitch's methodology is on
portfolio quality and diversity, as well as the size of the asset
base. APSA's portfolio of assets is strong, with undepreciated
book capital of USD629 million as of Sept. 30, 2011.  These
assets are mostly unencumbered, as secured debt represents less
than 5% of its total debt load.  The company's leverage, as
measured by total debt as a percentage of undepreciated book
capital, was 27% as of Sept. 30, 2011.  This percentage would be
even lower at market values.  The large pool of unencumbered
assets at APSA provides financial flexibility and results in
above-average recovery prospects in the event of default.

For the LTM ended of Sept. 30, 2011, APSA had USD154 million of
EBITDA, an improvement from USD147 million during the fiscal year
ended June 30, 2011.  The improvement continues to show the
positive performance of the company's shopping centers.

APSA is 95% owned by IRSA. On a consolidate basis, IRSA had
USD364 million of sales and generated USD195 million of EBITDA
during the LTM as of Sept. 30, 2011.  IRSA had USD597 million of
consolidated debt and USD88 million of consolidated cash.
Excluding the debt at APSA, the main debt obligations of IRSA are
USD150 million notes maturing in 2017 and USD150 million notes
maturing in 2020.  IRSA's notes and APSA's USD120 million notes
maturing in 2017 do not have cross guarantees.

The Stable Outlook reflects Fitch's expectations that APSA will
manage its balance sheet to a targeted debt-to-EBITDA ratio
around 1.5x.  Under a conservative scenario, Fitch estimates the
company's interest coverage to be above 5.0x.  APSA's management
is intent on maintaining a conservative financial structure.
Any significant increase in APSA's targeted leverage ratio would
threaten credit quality and could result in a negative rating
action.  APSA's FC IDR could be affected by an upgrade or
downgrade of the Argentine Country Ceiling of 'B'.


CRESUD SA: Fitch Affirms US$60-Mil. Sr. Unsecured Notes at 'B'
--------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Cresud S.A.C.I.F. y A.
(Cresud) as follows:

  -- Foreign currency Issuer Default Rating (IDR) at 'B';

  -- Local currency IDR at 'B';

  -- USD60 million senior unsecured bullet notes due in 2014 at
     'B/RR4';

  -- National scale at 'AA-(arg)';

  -- National scale senior unsecured notes at 'AA-(arg)';

  -- Equity rating at 'Category 1'.

The Rating Outlook is Stable.

Cresud's ratings are supported by its position as a leading
company in the agribusiness and real estate sectors in Argentina.
Cresud owns 63.2% of IRSA ('BB-' local currency IDR), a leading
real estate company in Argentina dedicated to real estate
development, office rentals, and shopping mall operations through
its subsidiary, Alto Palermo (APSA).  IRSA represents
approximately 83% of Cresud's consolidated EBITDA and 64% of
consolidated assets.  Cresud has a growing presence in the
agribusiness sector.  The company is dedicated to the acquisition
of farms that have growth potential and seeks to benefit over the
medium to long term from an appreciation of the land's value.

Fitch links the ratings of Cresud and IRSA.  This linkage
reflects factors such as strong strategic and operational ties
and the fact that IRSA's upstream dividends represent a relevant
part of Cresud's cash flow from operations.  Cresud's rating is
notched down from IRSA's rating because of the structural
subordination of its debt to IRSA's cash flow and its weaker
stand-alone financial profile.  The dividend flow to Cresud from
IRSA is expected to be relatively stable.  In June 2011 the
company received dividends of USD14.1 million and in November
2011 received dividends of USD31 million from IRSA.

The ratings are constrained by above-average risks associated
with operating in the real estate segment in Argentina.  Due to
weather conditions and commodity prices, the cash flow of its
agribusiness division is also volatile.  Cresud owns 26 farms
with an aggregate surface of approximately 474,124 hectares in
Argentina and has the right to use 132,000 additional hectares.
It also has a presence in Bolivia (16,255 hectares), Paraguay
(45,578 hectares), and in Brasil (175,211 hectares) through its
35.75% stake in BrasilAgro.

The ratings also reflect moderate consolidated leverage, as well
as manageable liquidity, as a result of unencumbered assets and
land that could be sold.  For the real estate industry, the
emphasis of Fitch's methodology is on portfolio quality and
diversity and size of the asset base.  Cresud's consolidated
portfolio of assets is strong with USD1.65 billion of
undepreciated book capital as of Sept. 30, 2011.  The company's
leverage, as measured by total consolidated debt as a percentage
of undepreciated book capital, was 53% at the end of September
2011.  This percentage would be even lower at market values.

On a consolidated basis, Cresud had USD586 million of sales and
generated USD233 million of EBITDA during the last 12 months
(LTM) ended Sept. 30, 2011.  These figures compare with USD878
million of consolidated debt, resulting in a net debt-to-EBITDA
ratio of 3.0 times (x) and an EBITDA-to-interest expense ratio of
3.0x.  Consolidated EBITDA consists of USD140 million from the
shopping mall segment developed by APSA, USD52 million from IRSA
(including office rentals, developments, and hotels) and USD40
million from the agribusiness segment.  Long-term debt accounts
for 62% of total debt and includes USD420 million of senior notes
at APSA and IRSA that mature between 2017 and 2020.

The ratings consider the somewhat high leverage on a standalone
basis when compared to the agribusiness cash generation
(unconsolidated net debt-to-EBITDA at 6.6x as of Sept. 30, 2011).
The company's stand-alone debt rose to USD234 million, from
USD182 million on June 30, 2011.  Short-term debt accounted for
60% of Cresud's standalone total debt.  Cresud's debt is
supported by its asset portfolio; its main assets include the
participations in IRSA and BrasilAgro, its portfolio of farms,
and its inventory of crops and livestock.  A significant portion
of Cresud's assets could be sold in traded markets, providing
Cresud with additional liquidity to support its short-term debt
obligations.  The company extended the average life of its debt
through the issuance of USD60 million senior unsecured notes due
in 2014.

The Stable Outlook reflects Fitch's expectations that Cresud will
manage its balance sheet to a consolidated total debt-to-EBITDA
ratio of around 4.0x.  Any significant increase in Cresud's
leverage ratio would weaken credit quality and could result in a
negative rating action.  Cresud's ratings would also be affected
by an upgrade or downgrade of the Argentina's country ceiling.


INVERSIONES Y: Fitch Holds Rating on Senior Unsec. Notes at Low-B
-----------------------------------------------------------------
Fitch Ratings has affirmed the following ratings of Inversiones y
Representaciones S.A. (IRSA):

  -- Foreign Currency Issuer Default Rating (IDR) at 'B';

  -- Local Currency IDR at 'BB-';

  -- USD150 million senior unsecured notes due in 2017 at
     'B+/RR3';

  -- USD150 million senior unsecured notes due in 2020 at
     'B+/RR3';

  -- National Scale rating at 'AA+(arg)';

  -- National Scale Senior Unsecured Notes at 'AA+(arg)';

  -- National equity rating at '1'.

The Rating Outlook is Stable.

The RR3 recovery rating reflects above average recovery prospects
in the event of default.

IRSA's Local Currency IDR reflects its strong performance and
positive operating trends.  IRSA has a leading position in the
shopping center segment through its subsidiary, Alto Palermo S.A.
(APSA, 94.9% owned).  The shopping centers segment accounted for
65.8% of its consolidated operating results for the fiscal year
ended June 30, 2011.  IRSA is also the leader in the development
and management of office buildings in Buenos Aires (14.4% of
consolidated operating results).  The balance of IRSA's operating
results is derived from three premium hotels and its residential
property development division.

IRSA's IDR is constrained at 'BB-' by above-average risks
associated with real estate development in Argentina. These risks
include sharp downturns in economic activity.  Devaluation risk
is also present for IRSA as most of its cash flow is denominated
in Argentine pesos and a substantial part of its debt is in U.S.
dollars.  This is partially mitigated by IRSA's dollar-
denominated asset portfolio and investments in assets outside of
Argentina.

IRSA's foreign currency IDR continues to be constrained at 'B'
due to Argentina's 'B' country ceiling.  Timely payment of U.S.
dollar debt obligations could be constrained by the imposition of
transfer or convertibility (T&C) restrictions in the event of a
sovereign stress.  The 'B+/RR3' rating of the company's foreign
debt obligations reflect Fitch's opinion that if IRSA misses the
timely payment of debt obligations due to government
restrictions, lenders would have above-average recovery prospects
due to the strong standalone business and financial profile of
the company.

IRSA maintains a moderate level of debt, as well as a manageable
liquidity position, due to unencumbered assets and land that
could be sold. For the real estate industry, the emphasis of
Fitch's methodology is on portfolio quality, diversity, and size.
IRSA's asset portfolio is strong with USD1.18 billion of
undepreciated book capital as of Sept. 30, 2011.  These assets
are mostly unencumbered as secured debt represents less than 5%
of total debt. Leverage, measured by total debt as a percentage
of undepreciated book capital, was 50% at Sept. 30, 2011.  This
percentage would be even lower at market values.

On a consolidated basis, IRSA had USD364 million of sales and
generated USD195 million of EBITDA during the last twelve months
(LTM) ended Sept. 30, 2011.  These figures compare with USD597
million of debt, resulting in a total debt-to-EBITDA ratio of
3.2x and an EBITDA-to-interest expense ratio of 3.2x. APSA
accounted for only 29% of IRSA's consolidated debt.  IRSA's main
debt obligations are USD150 million notes maturing in 2017 and
2020.  APSA also has a USD120 million note maturing in 2017.
These notes do not have cross guarantees.

IRSA had USD166 million of consolidated short-term debt
obligations as of Sept. 30, 2011, of which USD22 million are
associated with debt at APSA.  These figures compare with
USD88 million of cash and marketable securities.  Approximately
USD61 million of the company's cash is at APSA.  IRSA is expected
to meet its upcoming debt obligations with a mix of cash from
operations and the rollover of existing debt.  Importantly, both
IRSA and APSA own key parcels of land in strategic areas of
Buenos Aires, which could be sold to improve the company's
liquidity or used for new developments.  The book value of this
undeveloped land exceeds USD100 million.

Despite lower leverage at its subsidiary APSA, the local currency
IDRs of APSA and IRSA have been linked at 'BB'.  This linkage
reflects factors that align the credit quality of the company,
such as strong strategic ties, and the fact that APSA's upstream
dividends represent a relevant part of IRSA's cash flow
generation.

The Stable Outlook reflects Fitch's expectation that IRSA will
manage its balance sheet to reach a total debt-to-EBITDA ratio of
less than 3.5x.

Any significant increase in IRSA's targeted leverage ratio would
weaken credit quality and could result in a negative rating
action.  Also, IRSA's FC IDR could be affected by an upgrade or
downgrade of the Argentine Country Ceiling of 'B'.


BANCO PINE: Fitch Affirms Rating on US$125-Mil. Securities at 'B'
-----------------------------------------------------------------
Fitch Ratings has affirmed the ratings and removed from Rating
Watch Negative various subordinated securities issued by the
three Brazilian banks listed below.  On Dec. 15, 2011, Fitch
Ratings announced the revision of its criteria: 'Rating Bank
Regulatory Capital and Similar Securities'; as a consequence
certain securities were placed on Rating Watch Negative in
various countries; pending a review of the individual conditions
of each issuance.

Tier II subordinated debt securities in Brazil are mostly issued
under the umbrella of the Resolution 3444 and Resolution 3532
issued by the Central Bank in 2007 and 2008, respectively.  As
such, in order to receive capital treatment (Tier II) such
securities must comply with several minimum requirements,
including, among others mandatory deferral of coupon payments if
the issuer is in non-compliance of minimum capital requirements
or if payment would cause a breach of the minimum regulatory
capital ratio.

Under Fitch's new criteria, such instruments are notched for the
combination of higher loss severity in case of a non-performance
given their subordinated nature, and for non-performance risk,
driven by the activation of a going-concern loss-absorption
feature, such as the minimum regulatory capital ratio.  Under the
terms of the affected securities, deferral of coupon and
principal is tied to the fulfillment of the minimum regulatory
capital ratio, while voluntary deferral ahead of that point is
not contemplated; hence, the non-performance risk is considered
moderate.

In the case of subordinated debt and other hybrid securities
which were rated by Fitch and are still in circulation, the
following ratings were removed from Negative Watch and their
issuance ratings affirmed:

Itau Unibanco Holding S.A.

  -- USD1 billion subordinated issuance which matures 2020 at
     'BBB';

  -- USD1.250 billion subordinated issuance which matures 2021 at
     'BBB';

  -- USD500 million subordinated issuance which matures 2021, at
    'BBB'.

Banco Bradesco S.A.

  -- USD750 million subordinated issuance which matures 2019 a
     'BBB'.;

  -- USD1.1 billion subordinated issuance which matures 2021 at
     'BBB'.

Banco Pine S.A.

  -- USD125 million subordinated issuance which matures 2017 at
     'B'.


===========================
C A Y M A N   I S L A N D S
===========================


ALTERNATIVEFOCUS PERENNIUS: Shareholder Receives Wind-Up Report
---------------------------------------------------------------
The shareholders of Alternativefocus Perennius Ltd received on
Dec. 28, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Avalon Management Limited
         Landmark Square, 1st Floor
         64 Earth Close, West Bay Beach
         P.O. Box 715 Grand Cayman KY1-1107
         Cayman Islands
         Facsimile: 1 345 769-9351


BREVAN HOWARD EQUITY: Shareholder Receives Wind-Up Report
---------------------------------------------------------
The shareholder of Brevan Howard Equity Strategies Fund Limited
received on Dec. 28, 2011, the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

         K.D. Blake
         c/o Linda Mellett
         Telephone: +1-345-914-4494 / +1-345-949-4800
         Facsimile:  +1-345-949-7164
         P.O. Box 493 Grand Cayman KY1-1106
         Cayman Islands


BREVAN HOWARD STRATEGIC: Shareholder Receives Wind-Up Report
------------------------------------------------------------
The shareholder of Brevan Howard Strategic Opportunities Feeder
Fund Limited received on Dec. 28, 2011, the liquidator's report
on the company's wind-up proceedings and property disposal.

The company's liquidator is:

         K.D. Blake
         c/o Linda Mellett
         Telephone: +1-345-914-4494 / +1-345-949-4800
         Facsimile:  +1-345-949-7164
         P.O. Box 493 Grand Cayman KY1-1106
         Cayman Islands


DISTRESSED FOCUS: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Distressed Focus Redemption Limited received
on Jan. 30, 2012, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Ian Stokoe
         c/o Sarah Moxam
         Telephone: (345) 914 8634
         Facsimile: (345) 945 4237
         PO Box 258 Grand Cayman KY1-1104
         Cayman Islands


EUREKA STRATEGIC: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Eureka Strategic Services Limited received on
Dec. 29, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Hugh Dickson
         Grant Thornton Specialist Services (Cayman) Ltd
         48 Market Street, 2nd Floor, Unit 4290
         Canella Court, Camana Bay
         Grand Cayman
         Cayman Islands


LHL CARIBBEAN: Shareholder Receives Wind-Up Report
--------------------------------------------------
The shareholder of LHL Caribbean (Cayman) Limited received on
Jan. 11, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Commerce Corporate Services Limited
         Telephone: 949 8666
         Facsimile: 949 0626
         PO Box 694 Grand Cayman
         Cayman Islands


MONTEGO BAY: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of Montego Bay Investment Fund received on
Jan. 13, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ogier
         c/o Michael Lubin
         Telephone: +1 (345) 815-1793
         Facsimile: +1 (345) 949-9877


NEVSKY CAPITAL: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Nevsky Capital Holdings Limited received on
Jan. 30, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ian Stokoe
         c/o Sarah Moxam
         Telephone: (345) 914 8634
         Facsimile: (345) 945 4237
         PO Box 258 Grand Cayman KY1-1104
         Cayman Islands


PUSHKIN FUND: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Pushkin Fund SPC received on Dec. 29, 2011,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Mark Longbottom
         c/o Camele Burke
         Kinetic Partners (Cayman) Limited
         The Harbour Centre, 42 North Church Street
         PO Box 10387 Grand Cayman KY1-1004
         Cayman Islands
         Telephone: (345) 623 9904
         Facsimile: (345) 943 9900


RLS COMPANY: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of RLS Company Ltd received on Jan. 11, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

         Commerce Corporate Services Limited
         Telephone: 949 8666
         Facsimile: 949 0626
         PO Box 694 Grand Cayman
         Cayman Islands


SAPIC-98 REFERENCE: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Sapic-98 Reference Fund (44) Limited received
on Jan. 12, 2012, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Graham Robinson
         c/o Omar Grant
         Telephone: (345) 949-7576
         Facsimile: (345) 949-8295
         P.O. Box 897 Windward 1
         Regatta Office Park
         Grand Cayman KY1-1103
         Cayman Islands


SENTINEL REDEMPTION: Shareholder Receives Wind-Up Report
--------------------------------------------------------
The shareholder of Sentinel Redemption Limited received on
Jan. 30, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ian Stokoe
         c/o Sarah Moxam
         Telephone: (345) 914 8634
         Facsimile: (345) 945 4237
         PO Box 258 Grand Cayman KY1-1104
         Cayman Islands


SOLENT DISTRESSED FUND: Shareholders Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of Solent Distressed Credit Fund received on
Dec. 29, 2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Hugh Dickson
         Grant Thornton Specialist Services (Cayman) Ltd
         48 Market Street, 2nd Floor, Unit 4290
         Canella Court, Camana Bay
         Grand Cayman
         Cayman Islands


SOLENT DISTRESSED MASTER: Shareholders Receive Wind-Up Report
-------------------------------------------------------------
The shareholders of Solent Distressed Credit Master Fund received
on Dec. 29, 2011, the liquidator's report on the company's wind-
up proceedings and property disposal.

The company's liquidator is:

         Hugh Dickson
         Grant Thornton Specialist Services (Cayman) Ltd
         48 Market Street, 2nd Floor, Unit 4290
         Canella Court, Camana Bay
         Grand Cayman
         Cayman Islands


SST COMMUNICATIONS: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of SST Communications, Ltd. received on Jan. 11,
2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Graham Robinson
         c/o Omar Grant
         Telephone: (345) 949-7576
         Facsimile: (345) 949-8295
         P.O. Box 897 Windward 1
         Regatta Office Park
         Grand Cayman KY1-1103
         Cayman Islands


THAMES RIVER MAINSTAY: Shareholder Receives Wind-Up Report
----------------------------------------------------------
The shareholder of Thames River Mainstay Fund Limited received on
Jan. 30, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ian Stokoe
         c/o Sarah Moxam
         Telephone: (345) 914 8634
         Facsimile: (345) 945 4237
         PO Box 258 Grand Cayman KY1-1104
         Cayman Islands


THAMES RIVER LEGION: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Thames River Legion Fund Limited received on
Jan. 30, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ian Stokoe
         c/o Sarah Moxam
         Telephone: (345) 914 8634
         Facsimile: (345) 945 4237
         PO Box 258 Grand Cayman KY1-1104
         Cayman Islands


TREES (CAYMAN): Shareholder Receives Wind-Up Report
---------------------------------------------------
The shareholder of Trees (Cayman) Limited received on Jan. 11,
2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Commerce Corporate Services Limited
         Telephone: 949 8666
         Facsimile: 949 0626
         PO Box 694 Grand Cayman
         Cayman Islands


TURNSTONE ASIAN: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Turnstone Asian Fund SPC received on Dec. 29,
2011, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Trident Liquidators (Cayman) Limited
         c/o Mrs Eva Moore
         Trident Trust Company (Cayman) Limited
         Telephone: (345) 949 0880
         Facsimile: (345) 949 0881
         P.O. Box 847 George Town
         Grand Cayman KY1-1103
         Cayman Islands


TVR HOLDINGS: Shareholder Receives Wind-Up Report
-------------------------------------------------
The shareholder of TVR Holdings Limited received on Jan. 12,
2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Commerce Corporate Services Limited
         Telephone: 949 8666
         Facsimile: 949 0626
         PO Box 694 Grand Cayman
         Cayman Islands


WARRIOR REDEMPTION: Shareholder Receives Wind-Up Report
-------------------------------------------------------
The shareholder of Warrior Redemption Limited received on
Jan. 30, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ian Stokoe
         c/o Sarah Moxam
         Telephone: (345) 914 8634
         Facsimile: (345) 945 4237
         PO Box 258 Grand Cayman KY1-1104
         Cayman Islands


WARRIOR II REDEMPTION: Shareholder Receives Wind-Up Report
----------------------------------------------------------
The shareholder of Warrior II Redemption Limited received on
Jan. 30, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

         Ian Stokoe
         c/o Sarah Moxam
         Telephone: (345) 914 8634
         Facsimile: (345) 945 4237
         PO Box 258 Grand Cayman KY1-1104
         Cayman Islands


===================================
D O M I N I C A N   R E P U B L I C
===================================


* DOMINICAN REPUBLIC: Senate Approves to RD$1.44BB Bond Issue
-------------------------------------------------------------
Dominican Today reports that the Senate approved Dominican
Republic's Treasury Ministry's proposal to issue a
RD$1.44 billion bond to improve the storage capacity of the rice
mills.

The Senate's measure amends the article of Law 353-11, which had
allocated RD$5.0 billion for the agro sector, of which
RD$1.0 billion were earmarked for the rice sector, according to
Dominican Today.

The report relates that the amendment raises the allotment to
RD$1.440 billion and also stipulates a higher interest rate, from
five to 10%, to prevent jeopardizing the yield of the bond issue.


=============
J A M A I C A
=============


DIGICEL GROUP: Court Adjourns TBI's Legal Action Against Firm
-------------------------------------------------------------
The Royal Gazette reports that TeleBermuda International (TBI)'s
legal action over Digicel Group offering long distance has been
adjourned pending consideration by the Telecommunications
Commission.

TBI launched judicial review proceedings against the Business
Development and Tourism Minister Wayne Furbert and the Registrar
of Companies after Digicel Group relaunched the controversial
long distance service last month, according to The Royal Gazette.

The report relates that the case was adjourned until January 31
to see what now occurs in relation to a Commission inquiry and
decision, expected in early February.

"Following Digicel/Transact's announcement that, effective
immediately, it has resumed offering, selling, and marketing its
International Long Distance (ILD) via Voice over Internet
Protocol (VOIP) service, the Government would like to state that
it intends to refer the matter of whether this service is in
compliance with the terms of the licences provided to
Telecommunication (Bermuda and West Indies) Ltd (TBWL) and
Transact Ltd to the Telecommunications Commission, pursuant to
Section 16 of the Telecommunications Act 1986," the government
said in a statement obtained by the news agency.

The Royal Gazette notes that the Commission could not take up the
matter until it was formally gazetted.  A January 6 notice in the
Official Gazette named the Commission's chairman as Ronald
Simmons, and members as Angela Berry, Tulani Bulford, Ricardo
Campbell, John Cunningham, Dion E Smith, Ronald Stan, D Kent
Stewart, and John Johnson, the report adds.


===============
X X X X X X X X
===============


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                                       Total
                                  Total         Shareholders
                                  Assets              Equity
Company                Ticker        (US$MM)            (US$MM)
-------                ------        ---------      ------------

ARGENTINA
---------

IMPSAT FIBER-$US     IMPTD AR           535007008       -17164978
IMPSAT FIBER NET     330902Q GR         535007008       -17164978
IMPSAT FIBER-CED     IMPT AR            535007008       -17164978
IMPSAT FIBER NET     IMPTQ US           535007008       -17164978
IMPSAT FIBER-BLK     IMPTB AR           535007008       -17164978
IMPSAT FIBER NET     XIMPT SM           535007008       -17164978
IMPSAT FIBER-C/E     IMPTC AR           535007008       -17164978
SOC COMERCIAL PL     COMEC AR         167911091.5      -342440147
COMERCIAL PL-ADR     SCPDS LI         167911091.5      -342440147
SOC COMERCIAL PL     CVVIF US         167911091.5      -342440147
SOC COMERCIAL PL     CADN EO          167911091.5      -342440147
SOC COMERCIAL PL     CAD IX           167911091.5      -342440147
COMERCIAL PLA-BL     COMEB AR         167911091.5      -342440147
SOC COMERCIAL PL     CADN SW          167911091.5      -342440147
SOC COMERCIAL PL     COMED AR         167911091.5      -342440147
SOC COMERCIAL PL     COME AR          167911091.5      -342440147
SOC COMERCIAL PL     SCDPF US         167911091.5      -342440147
SOC COMERCIAL PL     CADN EU          167911091.5      -342440147
SOCOTHERM-5 VT-A     STHE5 AR         103531720.8     -8075882.84
SOCOTHERM-SP ADR     SOCOY US         103531720.8     -8075882.84
SOCOTHERM SA-B       STHE AR          103531720.8     -8075882.84
SNIAFA SA-B          SDAGF US         11229696.22     -2670544.88
SNIAFA SA-B          SNIA5 AR         11229696.22     -2670544.88
SNIAFA SA            SNIA AR          11229696.22     -2670544.88


BELIZE
------

VARIG SA-PREF        VARGPN BZ        966298025.5     -4695211316
VARIG SA             VAGV3 BZ         966298025.5     -4695211316
VARIG SA             VARGON BZ        966298025.5     -4695211316
VARIG SA-PREF        VAGV4 BZ         966298025.5     -4695211316
PORTX OPERA-GDR      PXTPY US         734596799.1     -5675399.32
PORTX OPERACOES      PRTX3 BZ         734596799.1     -5675399.32
AGRENCO LTD          AGRE LX            637647275      -312199404
AGRENCO LTD-BDR      AGEN11 BZ          637647275      -312199404
BOMBRIL-PREF         BOBR4 BZ         451055441.4       -71738547
BOMBRIL SA-ADR       BMBPY US         451055441.4       -71738547
BOMBRIL              BOBR3 BZ         451055441.4       -71738547
BOMBRIL-RIGHTS       BOBR1 BZ         451055441.4       -71738547
BOMBRIL CIRIO SA     BOBRON BZ        451055441.4       -71738547
BOMBRIL SA-ADR       BMBBY US         451055441.4       -71738547
BOMBRIL              BMBBF US         451055441.4       -71738547
BOMBRIL-RGTS PRE     BOBR2 BZ         451055441.4       -71738547
BOMBRIL CIRIO-PF     BOBRPN BZ        451055441.4       -71738547
CIA PETROLIFERA      MRLM3B BZ        377602195.2     -3014291.72
CIA PETROLIFERA      MRLM3 BZ         377602195.2     -3014291.72
CIA PETROLIF-PRF     MRLM4 BZ         377602195.2     -3014291.72
CIA PETROLIF-PRF     MRLM4B BZ        377602195.2     -3014291.72
CIA PETROLIFERA      1CPMON BZ        377602195.2     -3014291.72
CIA PETROLIF-PRF     1CPMPN BZ        377602195.2     -3014291.72
HOTEIS OTHON SA      HOTHON BZ        367095149.8     -27491830.2
HOTEIS OTHON-PRF     HOOT4 BZ         367095149.8     -27491830.2
HOTEIS OTHON-PRF     HOTHPN BZ        367095149.8     -27491830.2
HOTEIS OTHON SA      HOOT3 BZ         367095149.8     -27491830.2
DOCAS SA-PREF        DOCAPN BZ        265185848.9      -158092426
DOCA INVESTIMENT     DOCA3 BZ         265185848.9      -158092426
DOCAS SA             DOCAON BZ        265185848.9      -158092426
DOCA INVESTI-PFD     DOCA4 BZ         265185848.9      -158092426
DOCAS SA-RTS PRF     DOCA2 BZ         265185848.9      -158092426
TEKA                 TKTQF US           246866965      -392777063
TEKA-PREF            TEKAPN BZ          246866965      -392777063
TEKA                 TEKAON BZ          246866965      -392777063
TEKA-ADR             TKTPY US           246866965      -392777063
TEKA                 TEKA3 BZ           246866965      -392777063
TEKA-ADR             TEKAY US           246866965      -392777063
TEKA-ADR             TKTQY US           246866965      -392777063
TEKA-PREF            TEKA4 BZ           246866965      -392777063
TEKA-PREF            TKTPF US           246866965      -392777063
PET MANG-RT          RPMG1 BZ         231024467.2      -184606117
PET MANG-RECEIPT     0229296Q BZ      231024467.2      -184606117
PET MANG-RECEIPT     0229292Q BZ      231024467.2      -184606117
PET MANG-RT          RPMG2 BZ         231024467.2      -184606117
PET MANG-RIGHTS      3678565Q BZ      231024467.2      -184606117
PET MANG-RECEIPT     RPMG9 BZ         231024467.2      -184606117
PET MANG-RIGHTS      3678569Q BZ      231024467.2      -184606117
PETRO MANGUIN-PF     MANGPN BZ        231024467.2      -184606117
PET MANG-RT          0229249Q BZ      231024467.2      -184606117
PETRO MANGUINHOS     RPMG3 BZ         231024467.2      -184606117
PET MANGUINH-PRF     RPMG4 BZ         231024467.2      -184606117
PET MANG-RT          0229268Q BZ      231024467.2      -184606117
PETRO MANGUINHOS     MANGON BZ        231024467.2      -184606117
PET MANG-RT          4115364Q BZ      231024467.2      -184606117
PET MANG-RECEIPT     RPMG10 BZ        231024467.2      -184606117
PET MANG-RT          4115360Q BZ      231024467.2      -184606117
D H B-PREF           DHBI4 BZ         185992309.4      -151323933
DHB IND E COM        DHBON BZ         185992309.4      -151323933
D H B                DHBI3 BZ         185992309.4      -151323933
DHB IND E COM-PR     DHBPN BZ         185992309.4      -151323933
SANSUY SA-PREF B     SNSYBN BZ        180443811.7      -114112111
SANSUY-PREF A        SNSY5 BZ         180443811.7      -114112111
SANSUY SA            SNSYON BZ        180443811.7      -114112111
SANSUY-PREF B        SNSY6 BZ         180443811.7      -114112111
SANSUY               SNSY3 BZ         180443811.7      -114112111
SANSUY SA-PREF A     SNSYAN BZ        180443811.7      -114112111
WETZEL SA-PREF       MWELPN BZ        100017711.4     -5359345.82
WETZEL SA            MWELON BZ        100017711.4     -5359345.82
WETZEL SA            MWET3 BZ         100017711.4     -5359345.82
WETZEL SA-PREF       MWET4 BZ         100017711.4     -5359345.82
FABRICA RENAUX       FTRX3 BZ         95282687.94       -59034912
FABRICA RENAUX-P     FRNXPN BZ        95282687.94       -59034912
FABRICA RENAUX       FRNXON BZ        95282687.94       -59034912
FABRICA TECID-RT     FTRX1 BZ         95282687.94       -59034912
FABRICA RENAUX-P     FTRX4 BZ         95282687.94       -59034912
ESTRELA SA           ESTRON BZ        92218510.26     -92769915.9
ESTRELA SA           ESTR3 BZ         92218510.26     -92769915.9
ESTRELA SA-PREF      ESTRPN BZ        92218510.26     -92769915.9
ESTRELA SA-PREF      ESTR4 BZ         92218510.26     -92769915.9
TEXTEIS RENA-RCT     TXRX9 BZ         73095833.69      -103943206
RENAUXVIEW SA-PF     TXRX4 BZ         73095833.69      -103943206
RENAUXVIEW SA        TXRX3 BZ         73095833.69      -103943206
TEXTEIS RENA-RCT     TXRX10 BZ        73095833.69      -103943206
TEXTEIS RENAUX       RENXPN BZ        73095833.69      -103943206
TEXTEIS RENAU-RT     TXRX1 BZ         73095833.69      -103943206
TEXTEIS RENAUX       RENXON BZ        73095833.69      -103943206
TEXTEIS RENAU-RT     TXRX2 BZ         73095833.69      -103943206
SCHLOSSER SA         SCHON BZ         73036749.69     -34357832.6
SCHLOSSER            SCLO3 BZ         73036749.69     -34357832.6
SCHLOSSER-PREF       SCLO4 BZ         73036749.69     -34357832.6
SCHLOSSER SA-PRF     SCHPN BZ         73036749.69     -34357832.6
MINUPAR-RT           MNPR1 BZ         63144533.79     -60655823.4
MINUPAR-RT           9314542Q BZ      63144533.79     -60655823.4
MINUPAR SA-PREF      MNPRPN BZ        63144533.79     -60655823.4
MINUPAR-PREF         MNPR4 BZ         63144533.79     -60655823.4
MINUPAR              MNPR3 BZ         63144533.79     -60655823.4
MINUPAR-RCT          9314634Q BZ      63144533.79     -60655823.4
MINUPAR SA           MNPRON BZ        63144533.79     -60655823.4
MINUPAR-RCT          MNPR9 BZ         63144533.79     -60655823.4
GRADIENTE-PREF A     IGBR5 BZ         61088977.95      -282692297
GRADIENTE-PREF C     IGBR7 BZ         61088977.95      -282692297
GRADIENTE EL-PRA     IGBAN BZ         61088977.95      -282692297
GRADIENTE ELETR      IGBON BZ         61088977.95      -282692297
GRADIENTE EL-PRB     IGBBN BZ         61088977.95      -282692297
IGB ELETRONICA       IGBR3 BZ         61088977.95      -282692297
GRADIENTE EL-PRC     IGBCN BZ         61088977.95      -282692297
GRADIENTE-PREF B     IGBR6 BZ         61088977.95      -282692297
CAF BRASILIA-PRF     CAFE4 BZ         59053509.86     -1138743393
CAFE BRASILIA SA     CSBRON BZ        59053509.86     -1138743393
CAF BRASILIA         CAFE3 BZ         59053509.86     -1138743393
CAFE BRASILIA-PR     CSBRPN BZ        59053509.86     -1138743393
VARIG PART EM TR     VPTA3 BZ         49432124.18      -399290396
VARIG PART EM-PR     VPTA4 BZ         49432124.18      -399290396
CIMOB PART-PREF      GAFP4 BZ          44047411.7     -45669963.6
CIMOB PARTIC SA      GAFON BZ          44047411.7     -45669963.6
CIMOB PARTIC SA      GAFP3 BZ          44047411.7     -45669963.6
CIMOB PART-PREF      GAFPN BZ          44047411.7     -45669963.6
WIEST                WISA3 BZ         34108201.43      -126997429
WIEST SA             WISAON BZ        34108201.43      -126997429
WIEST SA-PREF        WISAPN BZ        34108201.43      -126997429
WIEST-PREF           WISA4 BZ         34108201.43      -126997429
RECRUSUL SA          RESLON BZ        31427766.04     -30307605.7
RECRUSUL-BON RT      RCSL11 BZ        31427766.04     -30307605.7
RECRUSUL - RT        4529781Q BZ      31427766.04     -30307605.7
RECRUSUL SA-PREF     RESLPN BZ        31427766.04     -30307605.7
RECRUSUL - RCT       4529793Q BZ      31427766.04     -30307605.7
RECRUSUL - RCT       RCSL10 BZ        31427766.04     -30307605.7
RECRUSUL - RT        RCSL2 BZ         31427766.04     -30307605.7
RECRUSUL - RT        RCSL1 BZ         31427766.04     -30307605.7
RECRUSUL-PREF        RCSL4 BZ         31427766.04     -30307605.7
RECRUSUL - RCT       4529789Q BZ      31427766.04     -30307605.7
RECRUSUL - RCT       RCSL9 BZ         31427766.04     -30307605.7
RECRUSUL - RT        4529785Q BZ      31427766.04     -30307605.7
RECRUSUL-BON RT      RCSL12 BZ        31427766.04     -30307605.7
RECRUSUL             RCSL3 BZ         31427766.04     -30307605.7
SANESALTO            SNST3 BZ         31044053.25     -1843297.83
STAROUP SA           STARON BZ        27663604.95     -7174512.03
BOTUCATU TEXTIL      STRP3 BZ         27663604.95     -7174512.03
STAROUP SA-PREF      STARPN BZ        27663604.95     -7174512.03
BOTUCATU-PREF        STRP4 BZ         27663604.95     -7174512.03
CONST BETER SA       COBEON BZ        25469474.32      -4918659.9
CONST BETER-PF A     1COBAN BZ        25469474.32      -4918659.9
CONST BETER-PR B     COBEBN BZ        25469474.32      -4918659.9
CONST BETER-PF A     COBE5 BZ         25469474.32      -4918659.9
CONST BETER SA       1007Q BZ         25469474.32      -4918659.9
CONST BETER SA       1COBON BZ        25469474.32      -4918659.9
CONST BETER-PR B     1009Q BZ         25469474.32      -4918659.9
CONST BETER-PF B     COBE6B BZ        25469474.32      -4918659.9
CONST BETER-PFA      COBE5B BZ        25469474.32      -4918659.9
CONST BETER-PF B     COBE6 BZ         25469474.32      -4918659.9
CONST BETER-PF B     1COBBN BZ        25469474.32      -4918659.9
CONST BETER-PR A     COBEAN BZ        25469474.32      -4918659.9
CONST BETER SA       COBE3B BZ        25469474.32      -4918659.9
CONST BETER-PR A     1008Q BZ         25469474.32      -4918659.9
CONST BETER SA       COBE3 BZ         25469474.32      -4918659.9
STEEL - RT           STLB1 BZ          23040051.4     -8699861.07
ALL ORE MINERACA     AORE3 BZ          23040051.4     -8699861.07
ALL ORE MINERACA     STLB3 BZ          23040051.4     -8699861.07
STEEL - RCT ORD      STLB9 BZ          23040051.4     -8699861.07
FERRAGENS HAGA       HAGAON BZ        21992326.22     -56631998.5
HAGA                 HAGA3 BZ         21992326.22     -56631998.5
FERRAGENS HAGA-P     HAGAPN BZ        21992326.22     -56631998.5
FER HAGA-PREF        HAGA4 BZ         21992326.22     -56631998.5
NOVA AMERICA SA      NOVA3 BZ            21287489      -183535527
NOVA AMERICA SA      1NOVON BZ           21287489      -183535527
NOVA AMERICA-PRF     NOVA4B BZ           21287489      -183535527
NOVA AMERICA SA      NOVAON BZ           21287489      -183535527
NOVA AMERICA-PRF     1NOVPN BZ           21287489      -183535527
NOVA AMERICA-PRF     NOVAPN BZ           21287489      -183535527
NOVA AMERICA SA      NOVA3B BZ           21287489      -183535527
NOVA AMERICA-PRF     NOVA4 BZ            21287489      -183535527
TECEL S JOSE         SJOS3 BZ         19067323.42     -52580501.1
TECEL S JOSE-PRF     SJOS4 BZ         19067323.42     -52580501.1
TECEL S JOSE-PRF     FTSJPN BZ        19067323.42     -52580501.1
TECEL S JOSE         FTSJON BZ        19067323.42     -52580501.1
NORDON METAL         NORDON BZ        15354597.14     -26859636.7
NORDON MET           NORD3 BZ         15354597.14     -26859636.7
NORDON MET-RTS       NORD1 BZ         15354597.14     -26859636.7
CHIARELLI SA         CCHI3 BZ         14960467.36     -43105640.5
CHIARELLI SA-PRF     CCHI4 BZ         14960467.36     -43105640.5
CHIARELLI SA-PRF     CCHPN BZ         14960467.36     -43105640.5
CHIARELLI SA         CCHON BZ         14960467.36     -43105640.5
B&D FOOD CORP        BDFC US             14423532        -3506007
LATTENO FOOD COR     LATF US             14423532        -3506007
REII INC             REIC US             14423532        -3506007
B&D FOOD CORP        BDFCE US            14423532        -3506007
HERCULES SA          HERTON BZ        12689117.49      -170680899
HERCULES             HETA3 BZ         12689117.49      -170680899
HERCULES SA-PREF     HERTPN BZ        12689117.49      -170680899
HERCULES-PREF        HETA4 BZ         12689117.49      -170680899
ARTHUR LAN-DVD P     ARLA12 BZ        11642255.92     -17154461.9
ARTHUR LANGE-PRF     ARLA4 BZ         11642255.92     -17154461.9
ARTHUR LAN-DVD C     ARLA11 BZ        11642255.92     -17154461.9
ARTHUR LANGE         ARLA3 BZ         11642255.92     -17154461.9
ARTHUR LANG-RC C     ARLA9 BZ         11642255.92     -17154461.9
ARTHUR LANG-RC P     ARLA10 BZ        11642255.92     -17154461.9
ARTHUR LANG-RT P     ARLA2 BZ         11642255.92     -17154461.9
ARTHUR LANG-RT C     ARLA1 BZ         11642255.92     -17154461.9
ARTHUR LANGE-PRF     ALICPN BZ        11642255.92     -17154461.9
ARTHUR LANGE SA      ALICON BZ        11642255.92     -17154461.9
F GUIMARAES          FGUI3 BZ         11016542.14      -151840377
FERREIRA GUIMARA     FGUION BZ        11016542.14      -151840377
F GUIMARAES-PREF     FGUI4 BZ         11016542.14      -151840377
FERREIRA GUIM-PR     FGUIPN BZ        11016542.14      -151840377


CHILE
-----

CHILESAT CORP SA     TELEX CI          1156945109      -122555290
TELMEX CORP-ADR      CSAOY US          1156945109      -122555290
TELEX-A              TELEXA CI         1156945109      -122555290
CHILESAT CO-ADR      TL US             1156945109      -122555290
TELEX-RTS            TELEXO CI         1156945109      -122555290
CLARO COM SA         CHILESAT CI       1156945109      -122555290
CHILESAT CO-RTS      CHISATOS CI       1156945109      -122555290
PUYEHUE RIGHT        PUYEHUOS CI      24447502.09     -1250905.47
PUYEHUE              PUYEH CI         24447502.09     -1250905.47


                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-LA constitutes an offer or
solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-LA editor holds
some position in the issuers' public debt and equity securities
about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine
T. Fernandez, Valerie U. Pascual, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.

Copyright 2012.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 240/629-3300.


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